After Decades of Easy Money, Young People Can't Fathom Normal Interest Rates

Published on December 1, 2025

This article argues that the Federal Reserve's decade of ultra-loose monetary policy following the 2008 crisis, including nearly ten years of near-zero rates, has warped the perception of a "normal" interest rate environment.

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Another Big Up Year With a Sharp Drawdown

December 1, 2025
Despite an intra-year drawdown of 18.9%, the S&P 500 is poised for a strong 2025, currently up about 14%. This pattern of experiencing a large correction on the way to significant annual gains is common; since 1980, the average yearly drawdown has been over 14% while the index gained an average of 10.7%.

The Muni Rally Shines Spotlight on These ETFs

December 1, 2025
Following a rocky start to the year, the municipal bond market has shown strong performance in Q3 2025, outperforming broader bond indexes due to factors like easing oversupply and growing demand.